Moral analysis of speculation

Analyse morale de la spéculation

Caroline Marie-Jeanne ()
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Caroline Marie-Jeanne: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut National de l'Horticulture et du Paysage

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Abstract: This article analyzes the morality of speculation, in the light of philosophical texts since antiquity. We aim at providing another approach for our current system. The moral determination of an act depends on the object, the circumstances, the intention and consequences. For this purpose, we study the causal links between need, price and speculation. For philosophers, the shortage, the gain by necessity, the utility of the good and the risk incurred morally justify the speculation and the resulting profit. We show that, in practice, causes and consequences are often more and more reversed. The morality of the act is therefore in question. Disconnected from real economy, speculation becomes an end in itself and is potentially a source of systemic risk to the community.

Keywords: ethique; finance; speculation (search for similar items in EconPapers)
Date: 2018
Note: View the original document on HAL open archive server: https://hal.science/hal-02020592
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Published in Revue d'économie financière, 2018, 131, pp.271-284. ⟨10.3917/ecofi.131.0269⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02020592

DOI: 10.3917/ecofi.131.0269

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